Top 5 Best Zero Balance Account Opening Online

Banking in India has come a long way with many options available for zero balance savings account

Most banks have the rule for non-salary accounts to maintain a minimum monthly balance. This amount can vary, depending on the bank and location. The minimum balance rule helps banks to cover the expenses of maintaining lakhs of accounts.

However, from the customer’s perspective, the minimum balance rule means that the money is locked at a much lower interest rate. It is usually in the range of 2.5% to 3% for savings accounts. In comparison, if the same money is deposited in an FD, it can fetch more than double the savings account interest rate.

The good thing is that some banking entities have started thinking from the customer’s perspective. Working on that, these entities are offering zero balance savings accounts to customers. Moreover, with foolproof authentication with Aadhaar and credit score check, the entire process of opening a zero balance bank account can be done online. There is no need to be hassled with the task of visiting a physical bank branch. If you are looking for the best zero balance account opening online, here are some options you can consider.

Kotak 811 Zero Balance Account (Kotak Mahindra Bank)

This is one of the popular options for a fully digital zero balance account. Things you will need to do are Aadhaar authentication and PAN verification. A video KYC is also required. In addition to zero balance, you will also get a free virtual debit card. You will be able to access features such as UPI, IMPS, NEFT and RTGS. Although it is a zero balance account, you can still earn around 3-4% interest on any savings that you may have. Kotak 811 Zero Balance Account is ideal for students, freelancers and digital-first users.

SBI Insta Plus / Basic Savings Bank Deposit Account (State Bank of India)

You can choose reliable zero balance account options such as Insta Plus (opened via Video KYC online) or BSBDA. You get a free debit or ATM card, with unlimited withdrawals facility at SBI ATMs. At other bank ATMs, four transactions are free. You can use the official SBI YONO app for UPI, bill payments and digital banking. Interest on any savings you may have is around 2.70%.

IndusInd Bank Indus Delite / Online Savings Account

Once the KYC process is completed via video conferencing and your application is approved, you can access your zero balance account with IndusInd Bank. You will be getting a free debit card and there are options for passbook, chequebook as well. IndusInd Bank offers good digital tools and benefits such as cashback. Interest rate on your savings could be higher in comparison to the zero balance account of other banks.

IDFC FIRST Bank Pratham / Savings Account

This is a fully digital online zero balance account, offering benefits such as up to 7% interest rate and free unlimited ATM withdrawals. With no hidden charges, the IDFC Bank’s zero balance account stands out in the banking domain. You can access a wide range of digital banking features and expect good reliability across all the core services.

Axis Bank Easy Digital / Basic Savings Account

You can open a zero balance account with Axis Bank via an Aadhaar-based Video KYC. Once the formalities are completed, you will be provided with a free RuPay debit card. You can make unlimited withdrawals at Axis Bank ATMs and up to four free transactions at ATMs of other banks. A number of features can be accessed via the official Axis Bank mobile app. Interest rate offered on the savings bank account is in the range of 2.5-3.50%. Cashback offers are also available with the Axis Bank zero balance account.